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The Federal Reserve System comprises the Board of Governors in Washington D.C. and 12 Federal Reserve Districts located nationwide. The Fifth District, which is headquartered in Richmond, VA, serves the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. Branch offices are located in Baltimore, MD and Charlotte, NC.
As the nation’s central bank, the Federal Reserve sets monetary policy, supervises and regulates member financial institutions and provides an array of financial services. In the Fifth District, we contribute to the formulation of national monetary policy, gather and analyze regional economic data, and supervise and regulate financial institutions headquartered here. We also process currency, check and electronic payments for banks, and provide financial services to the U.S. Treasury.
The Richmond Fed was organized in May 1914, following the enactment of the Federal Reserve Act in December 1913 and after the completion of a process to select host cities for Reserve Banks.